ASX Announcement16 June 2020

High Grade Results Continue from OK Underground MinePantoro Limited (ASX:PNR) (Pantoro) is pleased to provide a further update on results from its underground drilling program at the high grade OK Underground Mine at the Norseman Gold Project (PNR 50%).

Pantoro has completed approximately 7,586 metres of diamond drilling at the OK Underground Mine in this program with a number of results still outstanding. The objective of the drill program is to extend the depth of defined mineralisation in the 02 Lode below the 22 Level, and to infill the Star of Erin Lode mineralisation. The initial phase of the drilling has focused on the central portion of the O2 Lode.

New high grade results below existing development on the 22 level include:

• 6.05 m @ 22.90 g/t Au. 6.85 m @ 8.07 g/t Au.• 1.56 m @ 59.62 g/t Au. 2.75 m @ 9.09 g/t Au.• 1.35 m @ 22.89 g/t Au. 1 m @ 16.4 g/t Au.• 3.35 m @ 10.3 g/t Au. 0.3 m @ 15.0 g/t Au.

Figure 1: The OK Underground Mine showing Star of Erin, Main and O2 Lodes.

Commenting on the results, Managing Director Paul Cmrlec said: “These additional results from the OK Underground Mine demonstrate the consistent high grade nature of the deposit beneath the historic workings. The decline at OK has been fully rehabilitated and recommencement of production activities will be relatively straightforward. The outstanding results that the drill program has delivered gives us confidence that the OK Underground Mine is likely to be one of the first developments when we Pantoro restarts operations at Norseman.”

Pantoro LimitedABN 30 003 207 467

t: +61 8 6263 1110 | e: admin@pantoro.com.au | w: www.pantoro.com.auPO Box 1353 West Perth WA 6872 | 1187 Hay Street, West Perth WA 6005

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These new results are in addition to results reported by Pantoro on 17 April 2020 in a release titled “High Grade Results from OK Underground Drilling”. Results from below the historic workings reported in that release included:

• 2.4 m @ 623.97 g/t Au.• 4.6 m @ 46.40 g/t Au.• 2.17 m @ 47.38 g/t Au.• 3.4 m @ 8.92 g/t Au.• 2.18 m @ 10.05 g/t Au.• 1.6 m @ 13.52 g/t Au.• 5.7 m @ 11.07 g/t Au.• 3.1 m @ 12.65 g/t Au.• 3 m @ 6.18 g/t Au.• 1.95 m @7.25/t Au.• 1.5 m @ 6.28 g/t Au.• 1.27 m @ 59.27 g/t Au.

The combined results demonstrate the lateral and vertical continuity of the high grade O2 Lode structure and complement the limited historic diamond drilling below the lowest development levels at the OK Underground Mine.

Figure 2: Long Section of Drilling at OK Underground Mine

Drilling is now complete on the O2 Lode for the current evaluation with a further thirteen holes to be logged, assayed and reported. An infill drilling program has commenced on the Star of Erin orebody which is easily accessible from the current underground development.

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Figure 3: High grade gold intersection from the O2 Lode - 6.05 m @ 22.9 g/t from hole OKDD20_34

About the High Grade OK Underground MineThe high grade OK Underground Mine is located approximately two kilometres to the south of the existing processing plant. The mined reefs strike predominantly to the east and are sub vertical. The OK Underground Mine was originally worked in the 1930s, but lay idle until 1980 when the shaft was re-opened by Central Norseman Gold Corporation to mine remnant ore from the Main Lode. Underground drilling of the east striking tensional Main Lode led to the discovery of the north-west striking O2 Lode.

The Star of Erin Lode was defined more recently, with gold being hosted in a series of shear hosted veins. The gold in the O2 Lode is free milling and typically hosted by a very narrow (0.3 metres average width) laminated quartz veins which are commonly surrounded by up to two metres of predominantly biotite alteration. The OK reefs are among the most nuggety at Norseman. The mine has produced historically at an average grade of 9.1 g/t Au.

The Indicated and Inferred Mineral Resource at the OK Underground Mine currently stands at 355,000 tonnes @ 18.0 g/t Au for 205,000 ounces with the recent drill results demonstrating the excellent scope for further growth through ongoing exploration.

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About the Norseman Gold Project (Pantoro 50%)Pantoro Limited announced the major acquisition of 50% of the Norseman Gold Project in May 2019 and completion occurred on 9 July 2019. Pantoro is the manager of the unincorporated joint venture, and is responsible for defining and implementing work programs, and the day to day management of the operation.

The Norseman Gold Project is located in the Eastern Goldfields of Western Australia, at the southern end of the highly productive Norseman-Wiluna greenstone belt. The project lies approximately 725 km east of Perth, 200 km south of Kalgoorlie, and 200 km north of Esperance.

The current Mineral Resource is 4.4 million ounces of gold (100% basis). Many of the Mineral Resources defined to date remain open along strike and at depth, and many of the Mineral Resources have only been tested to shallow depths. Mineral Resources have been estimated by Independent Expert HGS Australia Exploration Services. Pantoro is systematically drilling Mineral Resource areas and updating Mineral Resources and Ore Reserves as additional data becomes available. In addition, there are numerous anomalies and mineralisation occurrences which are yet to be tested adequately to be placed into Mineral Resources, with a number of highly prospective targets already identified by drilling.

The project comprises 146 near-contiguous mining tenements, most of which are pre-1994 Mining Leases which are free of native title. The tenure extends approximately 70 lineal kilometres of the highly prospective Norseman– Wiluna greenstone belt covering more than 1,000 square kilometres. Pantoro is focused on establishing a clear production development plan, and execution of that plan. The aim will be to establish an initial inventory of ~500,000 ounces to support a restart of operations.

Historically, the Norseman Gold Project areas have produced over 5.5 million ounces of gold since operations began in 1935, and is one of, if not the highest grade fields within the Yilgarn Craton. Pantoro is focused on establishing a clear production development plan, and has commenced drilling and other works required to convert Mineral Resources to Ore Reserves.

Pantoro has focused Mineral Resource definition drilling on six initial mining areas containing multiple deposits which are amenable to both open pit and underground mining.

The initial drill out of these first areas is nearing completion, Mineral Resource modelling is underway and due for completion in the September quarter.

The project is serviced by first class infrastructure at the project, local shire, and national infrastructure levels with MACA Interquip recently appointed to oversee the processing aspects of the feasibility study.

EnquiriesPaul Cmrlec | Managing Director I Ph: +61 8 6263 1110 I Email: admin@pantoro.com.au

This announcement was authorised for release by Paul Cmrlec, Managing Director.

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Appendix 1 – Table of Drill ResultsHole Number Northing Easting RL Dip

(degrees)Azimuth (degrees)

End of Hole Depth (m)

Downhole From (m)

Downhole To (m)

Downhole Intersection

(m)

Au gpt (uncut)

True Width

OKDD20_030 6434466 385575 -108 -39.2 221.5 162.3143.05 144.61 1.56 59.62 0.64150.00 152.00 2.00 1.37 0.93

OKDD20_028 6434466 385575 -108 -48.9 208.0 201.2 187.00 188.00 1.01 1.01 0.64

OKDD20_018 6434481 385553 -112 -51.6 240.4 239.7125.00 126.00 1.00 1.00 0.38197.60 198.00 0.40 12.60 0.19

OKDD20_020A 6434481 385553 -112 -46.4 256.3 257.0185.00 186.00 1.00 16.40 0.34194.50 196.00 1.50 1.25 0.44198.60 199.00 0.30 3.27 0.12

OKDD20_031 6434466 385575 -108 -44.8 220.5 186.2 169.60 169.90 0.30 15.00 0.18OKDD20_014 6434481 385553 -112 -50.6 231.0 249.0 190.90 191.60 0.70 1.31 0.35

OKDD20_023 6434501 385508 -91 -47.0 255.0 226.0136.20 137.55 1.35 22.89 0.42155.90 156.20 0.30 1.63 0.07

OKDD20_034 6434466 385575 -108 -54.8 219.6 251.0192.00 194.40 2.40 2.24 1.53199.35 205.40 6.05 22.90 3.55

OKDD20_033 6434466 385575 -108 -52.2 219.8 230.723.60 24.00 0.40 1.30 0.10

221.60 221.95 0.35 1.00 0.18OKDD20_011 6434481 385553 -112 -42.9 257.8 236.6 172.00 175.35 3.35 10.30 1.23

OKDD20_024-A 6434501 385508 -91 -49.0 255.5 233.7 171.90 178.75 6.85 8.07 1.95OKDD20_035 6434482 385506 -92 -6.9 266.8 236.9 79.00 81.75 2.75 9.09 0.88

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Appendix 2 – Mineral ResourcesNorseman Gold Project Mineral Resource

Measured Indicated Inferred Total

Tonnes (M)

Grade Ounces (Moz)

Tonnes (M)

Grade Ounces (Moz)

Tonnes (M)

Grade Ounces (Moz)

Tonnes (M)

Grade Ounces (Moz)

Norseman Underground 0.3 13.9 0.13 1.34 17.9 0.77 2.53 14.1 1.15 4.17 15.3 2.05

Norsman Surface 4.31 0.8 0.11 11.37 2.0 0.74 15.68 3.50 1.34 31.35 2.3 2.36

Measured Indicated Inferred Total

Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces

OK - O2, O3 & O4 - - - 107,141 17.44 60,084 52,748 16.20 27,466 159,889 17.03 87,550

OK - Remnants 25,000 7.59 6,100 24,000 6.35 4,900 - - - 49,000 6.98 11,000

OK - Star Of Erin - - - 52,793 23.45 39,803 92,821 22.49 67,112 145,614 22.84 106,915

Pantoro has a 50% share of the Central Norseman Gold Project Mineral Resource.

Appendix 2: Page 6

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Appendix 3 – JORC Code 2012 Edition – Table 1SECTION 1: SAMPLING TECHNIQUES AND DATA

Criteria JORC Code explanation Commentary

Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

• Aspects of the determination of mineralisation that are Material to the Public Report.

• In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

• This release relates to results from an ongoing underground diamond drilling program at the OK underground deposit aimed at extending the current Mineral Resource

• The diamond drill core sampled is NQ2.

• All core is logged and sampled according to geology, with only selected samples assayed. Core is halved, with one side assayed, and the other half retained in core trays on site for further analysis. Samples are a maximum of 1.2m, with shorter intervals utilised according to geology.

• Core is aligned, measured and marked up in metre intervals referenced back to downhole core blocks.

• Diamond drilling is completed to industry standard and various sample intervals based on geology (0.3m-1.2m) are selected based on geology.

• Diamond samples - 0.8-2.5kg samples are dispatched to an external accredited laboratory (BVA Kalgoorlie and Perth) where they are crushed and pulverized to a pulp (P90 75 micron) for fire assay (40g charge). All core is logged and sampled according to geology, with only selected samples assayed. Core is halved, with RHS of cutting line assayed, and the other half retained in core trays on site for further analysis. Samples are a maximum of 1.2m, with shorter intervals utilised according to geology to a minimum interval of .3m.

• Visible gold is encountered and where observed during logging, Screen Fire Assays are conducted when appropriate.

Historic Diamond Drilling

• Assays prior to June 1996 were sent to the WMC laboratory in Kalgoorlie. From July 1996 assays were sent to Analabs in Perth. Assaying procedures changed with the change in laboratory.

• Samples that were expected to assay well, were subjected to bulk pulverisation with duplicate assays at the WMC Laboratory and Screen Fire assaying at Analabs. The routine assaying method for other samples was aqua regia digest at WMC and fire assay at Analabs.

• The bulk pulverisation routine used at the WMC Laboratory involved milling the entire sample to a nominal -75µm. Duplicate samples were split from the milled material and the sample was analysed using aqua regia digest and an atomic absorption finish.

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Appendix 3: Page 8

Criteria JORC Code explanation Commentary

• At Analabs the total sample was dried and milled in an LM5 mill to a nominal 90% passing -75µm. An analytical pulp of approximately 200g was sub sampled from the bulk and the milled residue was retained for future reference. All the preparation equipment was flushed with barren feldspar prior to the commencement of the job. A 50 gram sample was fused in a lead collection fire assay. The resultant prill is dissolved in aqua regia and the gold content of the sample is determined by AAS. For samples that contained visible free gold the screen fire assay method was used. It involved a 1000g sample screened through a 106µm mesh. The resulting plus and minus fractions were then analysed for gold by fire assay. Information reported included size fraction weight, coarse and fine fraction gold content and calculated

Drilling techniques • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

• Underground diamond drilling is completed utilizing NQ2 (standard tube).

• Core is oriented routinely utilizing a Reflex Act3 orientation device.

• Historic Underground drilling was completed using electric hydraulic drill rigs with standard core LTK46 and LTK48 both with the same nominal core size of 38mm.

Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed.

• Measures taken to maximise sample recovery and ensure representative nature of the samples.

• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

• All holes were logged at site by an experienced geologist. Recovery and sample quality were visually observed and recorded.

• Diamond drilling practices result in high recovery in competent ground as part of the current drill program.

• No significant core loss has been noted in fresh material. Good core recovery has generally been achieved in all sample types in the current drilling program.

• Historic holes have been inspected and core in the ore zones appears competent, with no evidence of core loss.

Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

• The total length and percentage of the relevant intersections logged.

• Geological logging is completed by a qualified geologist and logging parameters include: depth from, depth to, condition, weathering, oxidation, lithology, texture, colour, alteration style, alteration intensity, alteration mineralogy, sulphide content and composition, quartz content, veining, and general comments.

• Logging is quantitative and qualitative with all core photographed wet.

• 100% of the relevant intersections are logged.

• Paper logs of historic drill holes have been cross checked to database as part of the validation.

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Criteria JORC Code explanation Commentary

Sub-sampling techniques and sample preparation

• If core, whether cut or sawn and whether quarter, half or all core taken.

• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

• For all sample types, the nature, quality and appropriateness of the sample preparation technique.

• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

• Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

• Whether sample sizes are appropriate to the grain size of the material being sampled.

• Core samples were sawn in half utilising an Almonte core-saw, with one half used for assaying and the other half retained in core trays on site for future analysis.

• For core samples, core was separated into sample intervals and separately bagged for analysis at the certified laboratory.Core was cut under the supervision of an experienced geologist, was routinely cut on the orientation line.

• All mineralised zones are sampled as well as material considered barren either side of the mineralised interval.

• Field duplicates i.e. other half of core or ¼ core has not been routinely sampled.

• Half core is considered appropriate for diamond drill samples.

• Visual inspection of the ~40% of historic holes which have been half cored and sampled either side of ore zones to define waste boundary.

Quality of assay data and laboratory tests

• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

• Assays are completed in a certified laboratory in Kalgoorlie WA and Perth WA. Gold assays are determined using fire assay with 40g charge. Where other elements are assayed using either AAS base metal suite or acid digest with ICP-MS finish. The methods used approach total mineral consumption and are typical of industry standard practice.

• No geophysical logging of drilling was performed.

• Lab standards, blanks and repeats are included as part of the QAQC system. In addition the laboratory has its own internal QAQC comprising standards, blanks and duplicates. Sample preparation checks of pulverising at the laboratory include tests to check that the standards of 90% passing 75 micron is being achieved. Follow-up re-assaying is performed by the laboratory upon company request following review of assay data. Acceptable bias and precision is noted in results given the nature of the deposit and the level of classification.In relation to the historic assay result it is assumed the procedures adopted at the at the WMC laboratory in Kalgoorlie and subsequently Analabs, post June 1996 were to industry standard for the time.

Verification of sampling and assaying

• The verification of significant intersections by either independent or alternative company personnel.

• The use of twinned holes.

• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

• Discuss any adjustment to assay data.

• Significant intersections are noted in logging and checked with assay results by company personnel both on site and in Perth. Diamond drilling confirms the width of the mineralised intersections.

• There are no twinned holes drilled as part of these results

• All primary data is logged either digitally or on paper and later entered into the SQL database. Data is visually checked for errors before being sent to an external database manager for further validation and uploaded into an offsite database. Hard copies of original drill logs are kept in onsite office.

• Visual checks of the data re completed in Surpac mining software

• No adjustments have been made to assay data unless in instances where standard tolerances are not met and reassay is ordered.

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Criteria JORC Code explanation Commentary

Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

• Specification of the grid system used.

• Quality and adequacy of topographic control.

• Drilling is surveyed using conventional survey. Downhole surveys are conducted during drilling using a Reflex Ez-Trac multi-shot electronic survey tool. All holes are surveyed down the hole at 15m, 30m and every 30m thereafter. When the hole is completed, multishots are taken every 6m from EOH when tripping rods.

• The project lies in MGA 94, zone 51

• Pre Pantoro survey accuracy and quality assumed to industry standard.

Data spacing and distribution

• Data spacing for reporting of Exploration Results.

• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

• Whether sample compositing has been applied.

• Drill hole spacing is variable due to the nature of drilling fans from suitable underground drilling platforms. Spacing of centres is generally targeted at between 40 m by 40 m with infill as required.

• The Competent Person is of the view that the drill/sample spacing, geological interpretation and grade continuity of the data supports the resource categories assigned.

• No compositing is applied to diamond drilling.

• Core samples are sampled to geology of between 0.3 and 1.2m intervals.

Orientation of data in relation to geological structure

• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

• Drilling is generally perpendicular to the orebody where possible, other than the limitations introduced by the need to drill fans and access limitations imposed by existing workings. All intervals are reviewed relative to the understanding of the geology and true widths calculated and reported in the tables attached in the body of the report.

• No bias of sampling is believed to exist through the drilling orientation

• A number of the reported historic holes are drilled at a high angle to the strike of the ore and true widths have been calculated and reported in the table accompanying this report.

Sample security • The measures taken to ensure sample security. • The chain of custody is managed by Pantoro employees and contractors. Samples are stored on site in a secured area and delivered in sealed bags to the lab in Kalgoorlie and Perth

• Samples are tracked during shipping.

• CNGC sample security assumed to be consistent and adequate.

Audits or reviews • The results of any audits or reviews of sampling techniques and data. • No audit or reviews of current sampling techniques have been undertaken however the data is managed by an offsite data scientist who ensures all internal checks/protocols are in place.

• In 2017 Cube Consulting carried out a full review of the Norseman database. Overall the use of QA/QC data was acceptable.

Appendix 3: Page 10

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SECTION 2: REPORTING OF EXPLORATION RESULTSCriteria JORC Code explanation Commentary

Mineral tenement and land tenure status

• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

• The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

• The tenement related to this drilling is 50% held by Pantoro subsidiary company Pantoro South Pty Ltd. This is : M63/68

• Tenement transfers to Pantoro South are yet to occur as stamp duty assessments are under review by the office of state revenue.The tenement is in good standing and no known impediments exist.

Exploration done by other parties

• Acknowledgment and appraisal of exploration by other parties. • Gold was discovered in the area 1894 and mining undertaken by small Syndicates.

• In 1935 Western Mining established a presence in the region and operated the Mainfield and Northfield areas under the subsidiary company Central Norseman Gold Corporation Ltd. The Norseman asset was held within a company structure whereby both the listed CNGC held 49.52% and WMC held a controlling interest of 50.48%. They operated continuously until the sale to Croesus in October 2001 and operated until 2006. During the period of Croesus management the focus was on mining from the Harlequin and Bullen Declines accessing the St Pats, Bullen and Mararoa reefs. Open Pits were HV1, Daisy, Gladstone and Golden Dragon with the focus predominantly on the high grade underground mines.

• From 2006-2016 the mine was operated by various companies with exploration being far more limited than that seen in the previous years.

• The OK mine was originally worked in the 1930s, but lay idle until 1980 when the shaft was re-opened by CNGC to mine remnant ore from the OK Main reef. Underground drilling of the east striking tensional Main reef led to the discovery of the 300o striking O2 reef, which was developed via decline.

Geology • Deposit type, geological setting and style of mineralisation. • The Norseman gold deposits are located within the southern portion of the Eastern Goldfields Province of Western Australia in the Norseman-Wiluna greenstone belt in the Norseman district. Deposits are predominantly associated with near north striking easterly dipping quartz vein within metamorphosed Archean mafic rocks of the Woolyeenyer Formation located above the Agnes Venture slates which occur at the base.

• The principal units of the Norseman district, are greenstones which are west dipping and interpreted to be west facing. The sequence consists of the Penneshaw Formation comprising basalts and felsic volcanics on the eastern margin bounded by the Buldania granite batholith, the Noganyer Iron Formation, the Woolyeenyer formation comprising pillow basalts intruded by gabbros and the Mount Kirk Formation a mixed assemblage.

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Criteria JORC Code explanation Commentary

• The mineralisation is hosted in quartz reefs in steeper shears and flatter linking sections, more recently significant production has been sourced from NNW striking reefs known as cross structures (Bullen). Whilst a number of vein types are categorized the gold mineralisation is predominantly located in the main north trending reefs which in the Mainfield strike for over a kilometre. The quartz/sulphide veins range from 0.5 metres up to 2 metres thick , these veins are zoned with higher grades occurring in the laminated veins on the margins and central bucky quartz which is white in colour. Bonanza grades are associated with native gold and tellurides with other accessory sulphide minerals being galena , sphalerite, chalcopyrite, pyrite and arsenopyrite.

• The long running operations at Norseman have provided a good understanding on the controls of mineralisation as well as the structural setting of the deposits. The overall geology of the Norseman area is well understood with 3D Fractal Graphic mapping and detailed studies, adding to a good geological understanding to the area. The geometry of the main lodes at Norseman are well known and plunge of shoots predictable in areas, however large areas remain untested by drilling with the potential for new spurs and cross links high.

• The gold in the OK reefs is free milling and typically hosted by a very narrow (0.3 m average width) laminated quartz vein which is commonly surrounded by a selvage of up to 2 m wide of predominantly biotite alteration. The veins are most commonly hosted by fine grained metamorphosed basalt or relatively fine grained porphyries. Accessory minerals include carbonate, scheelite, pyrite, chalcopyrite and arsenopyrite. The O2 and Main reefs are among the most nuggety at Norseman.

Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

» easting and northing of the drill hole collar

» elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar

» dip and azimuth of the hole

» down hole length and interception depth

» hole length.

• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

• A table of drill hole data pertaining to this release is attached.

• All holes with results available are reported

• Historic drill data is reported in a separate table with calculated true widths

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Criteria JORC Code explanation Commentary

Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

• Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

• The assumptions used for any reporting of metal equivalent values should be clearly stated.

• Reported drill results are uncut

• All relevant intervals to the reported mineralised intercept are length weighted to determine the average grade for the reported intercept.

• No metal equivalents are reported.

Relationship between mineralisation widths and intercept lengths

• These relationships are particularly important in the reporting of Exploration Results.

• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

• If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).

• Drilling from the underground is drilled from static locations which means there are variable dips and azimuths due to access limitations

• Downhole lengths are reported and true widths are calculated in both 3D using trigonometry and cartographic planes (section and plan view) using a formulae in excel

• True widths are calculated and reported for drill intersections which intersect the lodes obliquely.

Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

• Appropriate diagrams are included in the report.

Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

• All holes available since the commencement of the drilling program are included in the tables

• Diagrams show the location and tenor of both high and low grade samples.

• For reporting of historic drill hole intervals, holes relevant to the area of interest (below existing historic workings) have been tabled separately.

Other substantive exploration data

• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

• No other meaningful data to report.

Further work • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

• As already noted these drilling results are part of an ongoing program to extend the known resource. The dataset will be utilised in an update to the current Mineral Resource for the OK Deposit.

• Further infill drilling will be planned on the basis of interpretation of the results as they become available

Appendix 3: Page 13

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Exploration Targets, Exploration ResultsThe information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Scott Huffadine (B.Sc. (Hons)), a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Huffadine is a Director and full time employee of the company. Mr Huffadine is eligible to participate in short and long term incentive plans of and holds shares, options and performance rights in the Company as has been previously disclosed. Mr Huffadine has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Huffadine consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Previous Drilling ResultsThe information is extracted from the reports entitled ‘High Grade Results from OK Underground Mine Drilling’ created on 17 April 2020 and available to view on Pantoro’s website (www.pantoro.com.au) and the ASX (www.asx.com.au). The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modifed from the original market announcement.

Norseman Gold Project Mineral Resources & Ore ReservesThe information in this report that relates to Exploration Targets,  Exploration Results and Mineral Resources is based on information compiled by Mr Andrew Hawker (B.Sc. (Hons)), a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Hawker is an independent consultant to CNGP and is a director of HGS Australia Exploration Services which is the entity providing services to CNGP. HGS Australia Exploration Services is retained by CNGP under industry standard commercial consulting rates. Mr Hawker has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the‘ Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hawker consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information is extracted from the report entitled ‘Strategic Transaction and Capital Raising Presentation’ created on 15 May 2019 and is available to view on Pantoro’s website (www.pantoro.com.au) and the ASX (www.asx.com.au). The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modifed from the original market announcement.

Forward Looking StatementsCertain statements in this report relate to the future, including forward looking statements relating to Pantoro’s financial position and strategy. These forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual results, performance or achievements of Pantoro to be materially different from future results, performance or achievements expressed or implied by such statements. Actual events or results may differ materially from the events or results expressed or implied in any forward looking statement and deviations are both normal and to be expected. Other than required by law, neither Pantoro, their officers nor any other person gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward looking statements will actually occur. You are cautioned not to place undue reliance on those statements.

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